Unapproved pension arrangements
3.—(1) For the purposes of section 12 of the 1999 Act (effect of bankruptcy on pension rights: unapproved arrangements), a pension arrangement—
(a)falling within section 11(4) of the 1999 Act (which deals with schemes which are not subsequently approved under Chapter I of Part XIV of the Taxes Act and, at the date of the bankruptcy order, were being considered for such approval);
(b)falling within section 11(6) of the 1999 Act (which deals with a scheme which, after the date of the bankruptcy order, has its approval under Chapter I or, as the case may be, Chapter IV of Part XIV of the Taxes Act withdrawn from a date not later than the date of that order); or
(c)under—
(i)a funded unapproved retirement benefits scheme, or
(ii)an unfunded unapproved retirement benefits scheme,
shall be an “unapproved pension arrangement” if it satisfies the conditions specified in paragraph (2) below.
(2) The conditions referred to in paragraph (1) above are that the pension arrangement—
(a)is established under—
(i)an irrevocable trust, or
(ii)a contract, agreement or arrangement made with the bankrupt;
(b)has as its primary purpose the provision of relevant benefits; and
(c)is the bankrupt’s sole pension arrangement or his main means of pension provision (other than a pension under Part II of the Social Security Contributions and Benefits Act 1992 (contributory benefits) or Part II of the Social Security Contributions and Benefits (Northern Ireland) Act 1992() (contributory benefits)).
(3) For the purposes of section 12(2)(c) of the 1999 Act, the prescribed person shall be the responsible person.